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Gordon Brown hopes to reduce the national debt by 50% in four years

Despite the fact that the opinion polls suggest that Gordon Brown will not win a second term at the next general election, he has already revealed plans to reduce the national debt by 50% over the next four years. While there is some debate as to the exact level of national debt, with some believing it to be well in excess of £1 trillion, there is no doubt that a 50% reduction in four years is ambitious to say the least. So how can Gordon Brown hope to achieve this?

Any potential reduction in national debt over the next four years would have to come from growth in the economy, increased taxation and the sale of more state owned assets. The problem is that increasing tax income by at least £500 million over the next four years is a very ambitious target and one which could yet come back to haunt the Labour Party. Taxpayers will again be expected to foot the bill at a time when income is still under pressure and many homes in the UK are still in mortgage arrears.

So will Gordon Brown hit the middle classes yet again?

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